Bonzer Wolf™ (bonzerwolf) wrote,
Bonzer Wolf™

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Obama is a snake oil salesman

The Congressional Budget Office, the non-partisan official budget watchdog, issued a scorecard on the long-term impacts of President Barack Obama's and Congressional Democrats' proposed economic stimulus plan, and the numbers are not good. The report took a look at the impact the plan would have on the economy over the next ten years, and found that the stimulus bill would actually lower the nation's total economic output more than if the Administration did nothing.

While the CBO estimates that the stimulus will result in 1.4 to 4 percent higher growth in the short term, by 2019 GDP would be 0.1 to 0.3 percent lower. The reason for the turnaround, according to the report, is the massive spending increases and government debt that the stimulus bill calls for. Over the long-term, government spending would "crowd out" private investment, leading to a net shrinking of the economy. On the jobs front, the report's outlook is not much better. The CBO says that the bill will create jobs in the next two years, but by 2011 job creation from the bill's programs would be barely noticeable.

Tags: economy, obamanation, politics, recession

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